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Implement Max Transaction Fee #2915

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Korben3 opened this issue Feb 19, 2019 · 4 comments

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@Korben3
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commented Feb 19, 2019

Feature request: Implement max transaction fee during the "Network Economics" phase.

Proposal:
Looking at a recent event where a transaction was made on another blockchain with a fee larger than was intended by the user. And seeing how future dynamic fees in lisk will allow the user to set their own fee (above the minimum required). I recommend implementing a maximum tx fee of for instance 2 lisk for type 0 transactions. This could be part of the protocol "Replace static fees with dynamic fee system".

Examples of fees gone wrong:
On Feb-19-2019 a transaction was made on the Ethereum blockchain with a fee of 2,100 Ether. Many times higher than required. This resulted in the loss of $308,679 for the user.

In June 2018, Ripple implemented a maximum transaction fee after a user mistakenly burned 100000 XRP in tx fees.

Solution:
Check if the fee for a type 0 transaction is <2 lsk, otherwise prevent the tx from being broadcasted.

@anagamidev

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commented Feb 19, 2019

Yeah, I suggest to introduce constraint that transaction size should be greater then fee. It will prevent such mistakes :D

@stellardynamic

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commented Feb 20, 2019

Yeah, I suggest to introduce constraint that transaction size should be greater then fee. It will prevent such mistakes :D

This would create a situation where you could not send a transaction lower than the fee. Sometimes transactions are sent to transact data instead of value in a system like ours and they will want to be able to send one Beddow (Smallest unit in LSK) + Fee transactions to write to the blockchain.

@stellardynamic

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commented Feb 20, 2019

Feature request: Implement max transaction fee during the "Network Economics" phase.

Proposal:
Looking at a recent event where a transaction was made on another blockchain with a fee larger than was intended by the user. And seeing how future dynamic fees in lisk will allow the user to set their own fee (above the minimum required). I recommend implementing a maximum tx fee of for instance 2 lisk for type 0 transactions. This could be part of the protocol "Replace static fees with dynamic fee system".

Examples of fees gone wrong:
On Feb-19-2019 a transaction was made on the Ethereum blockchain with a fee of 2,100 Ether. Many times higher than required. This resulted in the loss of $308,679 for the user.

In June 2018, Ripple implemented a maximum transaction fee after a user mistakenly burned 100000 XRP in tx fees.

Solution:
Check if the fee for a type 0 transaction is <2 lsk, otherwise prevent the tx from being broadcasted.

There are at least two ways to approach this problem. The first approach would be strict controls on Hub and adequate warnings in things like Commander and Elements etc. This part is a must. Secondly, your approach, being hard coded into the protocol is another. I'd avoid this additional complexity and rely instead on the fact that delegates would receive any erroneous fees, are not anonymous for the most part, and survive based on their reputations. Although fees are split among all delegates in the round, It would be relatively trivial to fix it and return the fees to the rightful owner.

@shuse2

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commented Jul 29, 2019

This would require change in protocol.
For protocol related discussion, please go to https://research.lisk.io/

@shuse2 shuse2 closed this Jul 29, 2019

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